These types of taxes take a larger share of income as the amount of income grows. Federal Income Tax is an example.
What is "Progressive Taxes?"
100
What does "IRS" stand for?
What is the "Internal Revenue Service?"
100
All taxpayers must use one of three basic tax forms. Name two of these three tax forms.
What is Form 1040, Form 1040A or 1040EZ?
100
Yes or No--Is it taxable?
Wages, Salaries and Tips
What is "Yes?"
100
If you are to receive a refund, you can have the IRS either mail you a check, or ......
What is have the money go into your checking or savings account by "direct deposit?"
200
These types of taxes take a smaller share of income as the amount of income grows. Sales tax is an example.
What is "Regressive Taxes?"
200
Our income tax system is based on ________ _________, which means that all citizens are expected to prepare and file tax returns of their own accord without force.
What is "Voluntary Compliance?"
200
All taxpayers must file their Income Tax by this date.
What is "April 15?"
200
Yes or No--Is it Taxable?
Interest and Dividends
What is "Yes?"
200
A person who lives with you and for whom you pay more than half of his or her living expenses.
What is a "dependent?"
300
These types of taxes are also called a "flat tax" because the rate stays the same regardless of income. Property tax is an example.
What is "Proportional Taxes?"
300
Willful failure to pay taxes is called ______ ________.
What is "Tax Evasion?"
300
One important tax document you will need to complete the filing of your Income Tax is your _____, which your employer must complete and send to you by January 31st.
What is a "W-2?"
300
Yes or No?--Is it taxable?
Alimony
What is "Yes?"
300
True or False? Tax deductions reduce taxable income, while tax credits are subtracted directly from taxes owed.
What is "True?"
400
On a local level, taxes provide services such as... (name 2 of the 6)
What is education, parks, roads, and police, fire, and health departments?
400
An examination of your tax return by the IRS.
What is an "Audit?"
400
What is the term for all the taxable income you receive?
What is "Gross Income?"
400
Yes or No?--Is it taxable?
Child Support
What is "No?"
400
True or False? If the amount of taxes withheld from your paycheck is less than your total tax, you will be receiving a refund from the IRS.
What is "False?"
500
On a national level taxes provide...(name 2 of the 6.)
What is salaries for congress, funds for National Defense, highways, wildlife refuges, welfare, and foreign aid?
500
The IRS is an agency of this department, and has its headquarters in Washington, D.C.
What is the "Department of the Treasury?"
500
With regards to "alimony" versus "child support," which one is taxable income?
What is "Alimony?"
500
Yes or No?--Is it taxable?
Unemployment Compensation
What is "Yes?"
500
If you have paid more Federal Income Tax than you should have, then you will be receiving a _________.